Deductibles are an unavoidable part of residential insurance policies. Florida case law defines a “deductible” as “a clause in an insurance policy that relieves the insurer of responsibility for an initial specified loss of the kind insured against.”1 Following a loss, a policyholder must first take on the financial responsibility of the deductible before the insurance company becomes liable.
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Facts are stubborn, but statistics are more pliable.
—Mark Twain
Closed claim file statistics reported by various departments of insurance following hurricanes seem absurd to those in the impacted areas and those working in the insurance claim business. The root of the problem is that most departments of insurance put pressure on insurance companies to close claims fast and provide high percentages of closed claims. So, insurance companies “administratively close” files to meet regulatory requirements and the politicians look good in the press reporting what everybody knows are fabricated numbers. The files then are reopened to make more payments and then closed again.
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We’re currently in the middle of hurricane season and all Florida property owners should be examining their insurance policies to review both their policy limits and hurricane deductible before disaster strikes.
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First, sorry it has been so long since my last post! It was a blast seeing a lot of you during the FAPIA conference in Duck Key. The fishing, comradery, and education were all amazing. (Unless you were in my fishing boat…and if you were I apologize). During the FAPIA conference I was honored to be named the Legislator of the Year – a recognition that I am extremely humbled by. During the 2017 Florida Legislative Session we were able to pass HB 911 and get it signed by the Governor (see Insurance Consultants and People Not Licensed as Public Adjusters Cannot Work on Property Insurance Claims).
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States differ regarding the time frame required for a first-party property insurance carrier to pay undisputed amounts on a claim. In Florida, for a residential first-party property insurance claim, the carrier is required to pay undisputed amounts within 90 days after receipt of notice of the claim, if these three things have occurred:1
I want to thank everyone who helped us achieve a hard fought victory in my August 30th primary for the Florida House of Representatives. My law firm colleagues have been with me every step of this journey. They never wavered in their support and were there to offer whatever assistance I needed on my cases. In addition, my friends with FAPIA put their blood, sweat and tears into this campaign. Not only did they help me to gather the necessary resources to run a winning campaign, they personally came to Tampa and got their hands (and shoes dirty).
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Last Tuesday night, I held my head in my hands almost crying after Sean Shaw confirmed he won election to Florida’s House of Representatives by a little more than a hundred votes. I could see the relief in Sean’s eyes as well. Waiting for a jury verdict and results from an election have certain similar emotional similarities.
The State of Florida is in the process of replacing the current Insurance Commissioner Kevin McCarty. As this blog has outlined in prior posts, McCarty has been a fair and effective commissioner under very difficult circumstances. His departure will be a loss for Florida’s insurance consumers.
I made a big announcement yesterday. If you are readers of this blog, I am sure it did not come as a surprise. I am throwing my hat into the ring for the Florida House of Representatives! Although we came up a bit short in 2014, I am confident that we will come out on top this time with your help! My announcement is pasted below.
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Florida Insurance Commissioner Kevin McCarty obtained a well-deserved Lifetime Achievement Award from the Florida Association For Insurance Reform. His acceptance speech was brilliant, engaging, emotional, and funny. Floridians are lucky to have him working for us in the Department of Insurance now known as the Office of Insurance Regulation since the early 1990s.